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Gold Prices Move Higher on Softer Dollar
Gold prices moved higher on Friday, as sentiment on the U.S. dollar weakened amid fears of an imminent U.S. government shutdown.
Comex gold futures were up 0.53% at $1,334.10 a troy ounce by 03:00 a.m. ET (07:00GMT).
Sentiment on the greenback was vulnerable as U.S. lawmakers were struggling to agree on a federal budget deal on Thursday.
The dollar has also been pressured lower recently by concerns the global economic recovery will outpace U.S. growth and prompt other major central banks, including the European Central Bank to begin unwinding loose monetary policy at a faster pace.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.14% at 90.18, re-approaching a recent three-year trough of 89.97.
Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.
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